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Apr 2, 2010
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for anybody who was worried, that is my last reference to paul krugman this morning. [laughter] there are two issues that are being buried here, and they are both important. one is productivity, and the other is competitiveness in the sense of winning competitions. in action that improves productivity, it helps raise output and living standards. that is a good thing, and it tends to show up and leads us to rank countries by various things. productivity growth, living standards. but you are competing only in the sense of serving as a point of reference. that is not necessarily what economists think of as competition. there was a very high profile study by the world economic forum really focused only on productivity when they think about competitiveness. indeed, the world economic forum and economists consulted define competitiveness as the institutions, policies, and factors that determine the level of productivity in our country. it takes one piece of what i said, productivity, without reference to the ability to win a competition. one could say that there is not nece
for anybody who was worried, that is my last reference to paul krugman this morning. [laughter] there are two issues that are being buried here, and they are both important. one is productivity, and the other is competitiveness in the sense of winning competitions. in action that improves productivity, it helps raise output and living standards. that is a good thing, and it tends to show up and leads us to rank countries by various things. productivity growth, living standards. but you are...
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Apr 20, 2010
04/10
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this is paul krugman. i have won a nobel prize. >> that is a spot-on imitation. >> that's how he talks. i won the nobel prize. all the editors had to scramble around to try to help paul krugman and try to put humpty dumpty back together again. but andrew just provided links. here's this column he wrote. here's this blog he wrote. >> doing his job. >> where you were talking about nationalizing the banks. >> that's inconvenient. >> who's david and who's goliath in that fight? >> well -- >> or is it just a cage match between two equals. >> i think it's between two equals for different reasons. andrew ross sorkin is the best reporter on wall street. and paul krugman, because the nobel prize committee gives awards to people who are blindingly ideological is a nobel prize winner. but, you know, "the new york times" is going to defend krugman. and so that's what they did. he's too big to fail. >> for the record -- for the record, i'm wearing a team sorkin t-shirt. >> powerful links that you say. >> andrew has pow
this is paul krugman. i have won a nobel prize. >> that is a spot-on imitation. >> that's how he talks. i won the nobel prize. all the editors had to scramble around to try to help paul krugman and try to put humpty dumpty back together again. but andrew just provided links. here's this column he wrote. here's this blog he wrote. >> doing his job. >> where you were talking about nationalizing the banks. >> that's inconvenient. >> who's david and who's goliath...
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Apr 21, 2010
04/10
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. >>> it is a great night to mark the return to the show of nobel prize-wings economist, paul krugman. given the fight on capitol hill and goldman sachs and the economy feels like he is here in the nick of time. what do you call an angry gathering of armed people spouting rhetoric on the anniversary of the oklahoma city bombing? by their account, it is called a lovefest. at this lovefest one of them talked about wanting to tar and feather me. that's next. ♪ well, look who's here. it's ellen. hey, mayor white. how you doing? great. come on in. would you like to see our new police department? yeah, all right. this way. and here it is. completely networked. so, anything happening, suz? she's all good. oh, my gosh. is that my car? [ whirring ] [ female announcer ] the new community. see it. live it. share it. on the human network. cisco. because with national, i roll past the counter... and choose any car in the aisle. choosing your own car? now that's a good call. go national. go like a pro. >>> washington, d.c. has by far the most interesting license plate in the country. it says on t
. >>> it is a great night to mark the return to the show of nobel prize-wings economist, paul krugman. given the fight on capitol hill and goldman sachs and the economy feels like he is here in the nick of time. what do you call an angry gathering of armed people spouting rhetoric on the anniversary of the oklahoma city bombing? by their account, it is called a lovefest. at this lovefest one of them talked about wanting to tar and feather me. that's next. ♪ well, look who's here....
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Apr 18, 2010
04/10
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i occasionally describe him as the paul krugman of the era. that's a compliment to paul krugman. >> host: and a metaphor for everyone these days. >> guest: he wrote brilliantly. but he was also -- he had this infallible ability to be right and he was less sort of burdened by ideological blinkers in the way the central bankers were. and he was able to look at the world with a fresh eye and bring this remarkable analytical ability. and by the way, this is keynes before he invented keynesian economics. >> host: that's the result of the disaster he failed to head off, right? >> guest: exactly. that's right. >> host: and what he was saying was, break out of your straight jackets. think more creatively. and by the way, let's not be tied to the gold standard. isn't that the crucial -- >> guest: yeah --. >> host: the argument of the day? >> guest: he focused on two things. one was reparations and it was a tragic mistake and it imposed a terrible burden on the world or a fault line which is going to break. and the second was that the gold standard put
i occasionally describe him as the paul krugman of the era. that's a compliment to paul krugman. >> host: and a metaphor for everyone these days. >> guest: he wrote brilliantly. but he was also -- he had this infallible ability to be right and he was less sort of burdened by ideological blinkers in the way the central bankers were. and he was able to look at the world with a fresh eye and bring this remarkable analytical ability. and by the way, this is keynes before he invented...
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Apr 30, 2010
04/10
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paul crewing man, who -- paul krugman, who i don't always agree with, of the "new york times," has written about this point as well. i don't know if my colleague from tennessee has seen his articles. size is important and that may be one way of looking at all of this, but it really is excessive risk, it's a question of whether or not there's proper regulation of activities, it's leverage, it's capital requirements, it's liquidity, all all of these other factors -- it's all of these other factors, the ones we're trying to keep an eye on here. because size then can become a problem, but size may not be the only issue. you maybe a small institution here engaging in the marketing of products that put the system at risk. so we need to get focused on exactly what are the issues we're trying to address in all of this, and that's what we've tried to do with this. and again, my compliments to both the presiding officer and the senator from tennessee for their tireless work. and the senator from tennessee knows he and i worked, spent a lot of time talking about all of this as well. a lot of what's i
paul crewing man, who -- paul krugman, who i don't always agree with, of the "new york times," has written about this point as well. i don't know if my colleague from tennessee has seen his articles. size is important and that may be one way of looking at all of this, but it really is excessive risk, it's a question of whether or not there's proper regulation of activities, it's leverage, it's capital requirements, it's liquidity, all all of these other factors -- it's all of these...
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Apr 1, 2010
04/10
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CNBC
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during the financial crisis professors like that nouriel roubini and nobel prize winner paul krugman were some of the loudest proponents of nationalizing many of our largest banks based on the premise that they were insolvent. although they never had to account for their views in retrospect, they ended up looking pretty silly when every major bank that needed money was able to raise private capital after the treasury department's stress test, much derided by the academics, including some of the most troubled of the regional banks including fifth third and huntington bank. even if the facts hadn't made that entire line of argument irrelevant, i don't think the professors ever understood the far-reaching and calamitous effects of nationalizing the banks, simply because again, they never had any real skin in the game, they had nothing to worry about. in the most charitable possible interpretation they were looking at things from the perspective of an economics professor, and despite how often we conflate the two that's very different from the perspective of you as an investor. with bank
during the financial crisis professors like that nouriel roubini and nobel prize winner paul krugman were some of the loudest proponents of nationalizing many of our largest banks based on the premise that they were insolvent. although they never had to account for their views in retrospect, they ended up looking pretty silly when every major bank that needed money was able to raise private capital after the treasury department's stress test, much derided by the academics, including some of the...
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Apr 20, 2010
04/10
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so michael, you read paul krugman in "the new york times" who says this is looting in loafers. you read "the wall street journal" editorial who say is this all there is? what do you make of it? how big a deal is this? >> the s.e.c. case against goldman i think is a really big deal. because basically i think what they're saying is they're launching a war into what is standard practice. i mean, this is -- i don't think there's anybody on wall street who didn't know that goldman sachs was helping john paulson create securities that would go bad. i mean, i heard about this two years ago. and it wasn't just goldman. other firms were doing it, too. so i think we're living through a real culture change on wall street. what was thought to be normal and acceptable is now going to be demonized. >> in terms of the description of this on friday, everyone was describing this in terms of selling used cars or selling car parts which frankly i found made it even more confusing. literally. we did it on our show and at the end of it i was, i still don't understand what this means. in terms of de
so michael, you read paul krugman in "the new york times" who says this is looting in loafers. you read "the wall street journal" editorial who say is this all there is? what do you make of it? how big a deal is this? >> the s.e.c. case against goldman i think is a really big deal. because basically i think what they're saying is they're launching a war into what is standard practice. i mean, this is -- i don't think there's anybody on wall street who didn't know that...
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Apr 6, 2010
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. >> reporter: as nobel laureate economist paul krugman reminded us recently small is not necessarily beautiful. >> it's possible to have a banking crisis even without too big to fail. it was a lot of small banks that collapsed the financial system in the 1930s. >> reporter: indeed 140 banks failed in the past year with another 702 just added to the fdic's problem list. moreover, says robert kelly.... >> we also have a gigantic economy which you can't run with a lot of really small banks. you need big, successful sophisticated, profitable banks. >> reporter: but the village bank is a $600,000 million says ceo brennan, big enough to offer almost anything i would need. >> size does matter but you don't need to be a large institution in order to be successful as a financial institution today. >> how often do you use your a.m.t.? are you local? do you travel a lot? >> i use my a.m.t. a lot. and i travel aate low. >> reporter: no problem says the village bank's claire me sign a but how about new technology? at my big bank? >> i can deposit a check and it takes a picture of the check and th
. >> reporter: as nobel laureate economist paul krugman reminded us recently small is not necessarily beautiful. >> it's possible to have a banking crisis even without too big to fail. it was a lot of small banks that collapsed the financial system in the 1930s. >> reporter: indeed 140 banks failed in the past year with another 702 just added to the fdic's problem list. moreover, says robert kelly.... >> we also have a gigantic economy which you can't run with a lot of...
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Apr 27, 2010
04/10
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and, incidentally, today paul krugman wrote in "the new york times" that 93% of these triple-a rated subprime mortgage-backed securities have since been downgraded to junk status. 93%. that's hard to do on anything. several bank failures and a $700-plus billion bailout later, the american people were left paying the price. by october 2009, unemployment had jumped to 10.1%, and even today it remains at 9.7%. by contrast, just 10 years ago in october of 2000, the unemployment rate was 3.9%. americans have lost 11.7 trillion -- trillion -- $11.7 trillion in personal wealth since the financial crisis. and housing values have fallening 15% just in the past year. we've seen our retirements -- retirement accounts shrink and our plans for the future delayed, sometimes indefinitely. and all because of wall street's incessant need to rack up enormous profits. over the past few decades, wall street's profits have gone through the roof. in 1987, the financial industry represented only 19% of all domestic corporate profits. by 2009, that number was almost 32%. 32% of all the nation's corporate pr
and, incidentally, today paul krugman wrote in "the new york times" that 93% of these triple-a rated subprime mortgage-backed securities have since been downgraded to junk status. 93%. that's hard to do on anything. several bank failures and a $700-plus billion bailout later, the american people were left paying the price. by october 2009, unemployment had jumped to 10.1%, and even today it remains at 9.7%. by contrast, just 10 years ago in october of 2000, the unemployment rate was...
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Apr 19, 2010
04/10
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. >> paul krugman said goldman sachs and other firms marketed mortgage backed securities as they sout to make profits by betting that the securities would plunge in value. this practice wasn't illegal and now the sec is charging that goldman created and marketed securities that were deliberately designed to fail so an important client, made money off that failure. now, how do they prove this? >> well, that's what's going to be difficult. i think one argument goldman could have, they were selling them to sophisticated investors. their argument will be they could do their own due dilige e diligence, we were selling them to people who knew full well. they packaged a product and did not disclose who had played a major hand in designing that product, which is a man who is betting against the market. so he had a vested interest in putting lousy stuff designed to fail into a product. and the argument was goldman was not clear about that. you're seeing outrage in germany and britain. gordon brown has called for an investigation. this is the beginning of some scrutiny of goldman sachs. >> that
. >> paul krugman said goldman sachs and other firms marketed mortgage backed securities as they sout to make profits by betting that the securities would plunge in value. this practice wasn't illegal and now the sec is charging that goldman created and marketed securities that were deliberately designed to fail so an important client, made money off that failure. now, how do they prove this? >> well, that's what's going to be difficult. i think one argument goldman could have, they...
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Apr 28, 2010
04/10
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there's a man by the name of paul krugman who writes for "the new york times," and he wrote an article about what happened at goldman sachs which led to their investigation as well as charges that have been lodged against them, and i'd like to read from this article from april 19 of this year. where mr. krugman says we've known for some time that goldman sachs and other firms marketed mortgage-backed securities even as they sought to make properties like betting that such securities would plunge in value. this practice, however, while arguably reprehensible, wasn't illegal. now the s.e.c. is charging that goldman created and marketed securities that were deliberately designed to fail so that an important client could make money off that failure. krugman writes, "that's what i call looting." he goes on to say that this legislation that we are considering contains consumer financial protection, the strongest law in the history of the united states. and here's what krugman writes, "for one thing, an independent consumer protection bureau could have helped limit predatory lending. another
there's a man by the name of paul krugman who writes for "the new york times," and he wrote an article about what happened at goldman sachs which led to their investigation as well as charges that have been lodged against them, and i'd like to read from this article from april 19 of this year. where mr. krugman says we've known for some time that goldman sachs and other firms marketed mortgage-backed securities even as they sought to make properties like betting that such securities...